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What is the price elasticity of demand

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The demand function for bicycles in Holland is Q = 2,000 -5.5*PRICE + 15*INCOME. If PRICE = 100 and INC = 10, what is the price elasticity of demand? Report your elasticity to decimal places, for example, if Ep = -1.263, report -1.26. Do not round.

The demand function for bicycles in Holland is Q = 2,000 -5.5*PRICE + 15*INCOME. If PRICE = 100 and INC = 10, what is the income elasticity of demand? Report your elasticity to decimal places, for example, if Ei = 1.263, report 1.26. Do not round.

Reference no: EM133132841

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